Digital home insurance company Kin Insurance, Inc. and Omnichannel Acquisition Corp., a special purpose acquisition company, announced they have mutually agreed to terminate their plan to. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Become a smarter investor withCNBC Pro. Pay Later, Cross-Border 2: Kin Interinsurance Network total policies in force at the end of the period (new and renewal). A PYMNTS study, New Payments Options: Why Consumers Are Trying Digital Wallets finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time. opens in new window, Forbes: In hyper-growth mode? opens in new window, Money: I fought an insurance company in a slip-and-fall case. Kins customers have relatively high spending power, are embracing technology and generally recommend businesses they love to their friends and family. Topics, Editors As we look to expand into new markets, we are strategically focused on states where customers need us the most and where our data and technology advantage are the most impactful, Sean Harper, Kins CEO, told Built In via email. Washington Post: How do I get an Airbnb refund for canceled plans? Deep Louisiana homeowners insurance can cover: Your dwelling, including walls, foundation, roof, floors, plumbing, and more. It is more than ripe for an innovative alternative and that is exactly why we created Kin to provide customers with a better home insurance offering, better pricing and an overall better experience, said Sean Harper, co-founder and CEO of Kin. Looking ahead, we intend to continue hiring the best and brightest talent to help elevate our data-centric insurance solutions that address the needs of todays world.. opens in new window, Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth Trust your team, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money, Benzinga: Gary Vaynerchuk, Matt Higgins SPAC OCA strikes deal for homeowner insurance company Kin: What investors should know, Bloomberg: Kin Insurance to go public via Matt Higgins SPAC deal, CNBC: Home Insurance company Kin to go public via SPAC merger, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana, Forbes: Eight steps managers can take to facilitate an employees move to another department, Money: I fought an insurance company in a slip-and-fall case. The website encountered an unexpected error. opens in new window, Kin Insurance awarded Built In's 2021 "Best Midsize Companies to Work For" They indicate that they expect a loss ratio of 40% where they explain the reciprocal. opens in new window, University of Chicago: Kin Insurance to go public expand nationally with aim to save homeowners time and money PYMNTS Data: Why Consumers Are Trying Digital Wallets. To access the replay, the domestic toll-free access number is (844) 512-2921 and participants should provide the conference ID of 13721202.. Kin signed an agreement to acquire an inactive insurance carrier with licenses in over 40 states, bringing the unicorn one step closer to national expansion. Kin Insurance Inc., an insurance-technology startup that counts golfer Rory McIlroy among its investors, has agreed to go public through a merger with Omnichannel Acquisition Corp ., a. 2000 - 2023 Razor Planet, Inc. All Rights Reserved Privacy Policy - Terms Of Use opens in new window, Business Insider: Assignment of benefits 101 And it is very unlikely that Kin will be able to lower their loss ratio from 77% to 38% in 2 years, especially with a national expansion. During the call, they mentioned the capability to dynamically adjust premiums depending on the weather. Kin Insurances data aims to more accurately predict home risk opens in new window, Kin Insurance partners with Cape Analytics for remote risk assessment opens in new window, Forbes: How data allows you to create tailor-made customer experiences The SPAC cited unfavorable market conditions in its press release on the termination, but will turn back to the work of meeting with targets who can benefit from their team . opens in new window, Forbes: 12 late-stage interview faux pas that could cost you the job We expect to use our strengthened balance sheet to further scale our platform to new geographies, accelerating the growth of our premiums and profitability. opens in new window, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement The business combination reflects an estimated implied pro forma enterprise value at closing of $1.03 billion, assuming no redemptions by Omnichannels public stockholders. We believe Kin is well positioned to capitalize on that unmet demand for years to come.. opens in new window, Crains Chicago Business: Insurance startup Kin raises another $35 million opens in new window, Insurance Journal: Kin Insurance to offer homeowners coverage in Louisiana This sets Kin apart since the company prioritizes serving customers in places where home insurance is exceptionally crucial. Trust your team Kin launches home and property insurance in South Carolina, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech, Kin Insurance maintains steady year-over-year growth in third quarter, increasing 151% year-to-date, Kin announces new additions to leadership team, Kin secures $145M in debt financing to fuel continued growth, Kin Insurance provides Hurricane Ian update, Demotech affirms Kins Financial Stability Rating of A, Exceptional, Kin Insurance surpasses $70M in gross written premium in second quarter, increasing 204% year-to-date, Kin enhances reinsurance program, safeguarding customers who are most vulnerable to climate-related risks, Kin grows total written premium by 230% year-over-year, Kin closes first-ever $175M multi-year catastrophe bond, Kin announces $82M first close in Series D financing, Kin Insurance, Inc. and Omnichannel Acquisition Corp. mutually agree to terminate business combination agreement, Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth, Kin Insurance completes acquisition of carrier with licenses in 43 states, Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date, Kin Insurance sees growth accelerate at the start of fourth quarter, while adjusted loss ratio improves, Kin Insurance continues rapid growth trajectory in third quarter 2021, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021, Kin upgrades reinsurance program, emphasizing commitment to homeowners most impacted by climate change, Kin, the only pure-play direct-to-consumer home insurance technology company, to go public, Kin Insurance bolsters leadership team amid rapid growth, Kin Insurance announces Series C funding with investment by professional golfer Rory McIlroy and others, Kin Insurance achieves $100M premium run rate in 1.75 Years, Kin now offering homeowners policies in Louisiana, Kin eclipses $10B in total insured property value, Kin Insurance launches landlord insurance in Florida market, Cinch Home Services partners with insurance industry disruptor Kin Insurance, Kin Insurance expands into California to serve homeowners statewide, Kin Insurance selects Snapsheet to deploy end-to-end claims management platform, Kin Insurance closes $35M Series B to fuel industry disruption, Kin Insurance announces condo insurance in Florida, Kin Insurance partners with Cape Analytics for remote risk assessment, Kin Insurance brings new flood coverage to Florida homeowners, Kin gives Floridians new insurance discounts following passage of assignment of benefits bill, Insurtech startup Kin Insurance continues to expand its capacity to serve Florida residents, Insurtech startup Kin Insurance raises $47M to launch carrier in Florida, Kin Insurance raises $13M in financing, welcomes new board member, Kin Insurance launches AI-based home insurance recommendation platform, Kin Insurance launches modern home insurance, announces $4M financing, Kin named to Forbes' "Next Billion-Dollar Startups" list 2022, Kin ranked #349 on Inc. 5000 list of "Fastest-Growing Private Companies", Forbes named Kin one of "America's Best Startup Employers" in 2022, Kin again recognized as a "Best Place to Work" by Built In, Kin Insurance named among Chicago Inno's 2021 "50 on Fire", Kin Insurance awarded Built In's 2021 "Best Midsize Companies to Work For", Kin Insurance named among Chicago Inno's 2020 "50 on Fire", Kin named one of Fast Company's "10 Most Innovative Finance Companies" of 2020, Kin recognized as one of "America's Best Startup Employers" by Forbes + Statista, Kin named one of Tracxn's "Top Emerging Internet First Insurance Startups", Kin Insurance receives Chicago honors for its talent and workplace culture, FinTech Global named Kin Insurance among "Insurtech 100" in 2019, Fox Business: Many Americans concerned about inflations impact on insurance coverage, Crain's Chicago Business: Insurer Kin lines up $145 million in credit, Fortune: How your homeowners insurance premium is determinedplus 7 tips to help you save, Axios: The hidden factor in Floridas property insurance crisis. PIPE investors are expected to own approximately 6% of the combined company, and Omnichannel stockholders are expected to own approximately 16%. Future customer needs such as making a policy change or filing a claim are similarly automated and convenient. opens in new window, Chicago Crains Business: Insurance startup Kin raises $69 Million with investment from PGA Pro He has played a key role in innovating many start-ups and established carriers. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, China Warns Hedonistic Bankers to Toe the Communist Party Line, Apple Suppliers Are Racing to Exit China, AirPods Maker Says. The proposed acquisition of the inactive insurance carrier and the business combination are both expected to close in the fourth quarter of 2021 following the satisfaction of customary closing conditions, including regulatory approval, and in the case of the business combination, shareholder approval. Kin operates across Florida, Louisiana and California, and is stepping up its move into new markets with the acquisition of an inactive insurance carrier that holds licenses in more than 40 states. opens in new window, TechCrunch: Insurtech startups are leveraging rapid growth to raise big money Kin said Tuesday that it. Call 636-462-2701 or email nicole@hscllc.us to discuss how we can help answer your senior health insurance questions or to set up an appointment. In fact, they claim to use over 10,000 data points to generate the quote in real time. opens in new window, The Insurer: Insurtech Kin announces $82MN first close in latest financing round opens in new window, Forbes: The case for concentrated growth In connection with the proposed Business Combination, Omnichannel intends to file with the SEC a registration statement on Form S-4 that will include a proxy statement of Omnichannel in connection with Omnichannels solicitation of proxies for the vote by Omnichannels stockholders with respect to the proposed Business Combination and a prospectus of Omnichannel. opens in new window, Forbes: Want to build a superteam? In fact, according to their filing, it is 17% better. Intelligence, Connected Invest in emotional intelligence It is led by co-founders Sean Harper,. Kin Insurance, an InsurTech that has just finalized a $64mn series C investment round, is in talks to merge with a special purpose acquisition company (SPAC) led by Shark Tank judge Matt Higgins, Bloomberg has reported. The transaction will require the approval of the stockholders of Omnichannel and Kin, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission (the SEC) in connection with the transaction, and the satisfaction of other customary closing conditions, including the receipt of certain regulatory approvals. opens in new window, Kin Insurance brings new flood coverage to Florida homeowners opens in new window, Forbes: The importance of humans in fintech The call may be accessed by dialing (877) 407-4018 for domestic callers or (201) 689-8471 for international callers. And that is very compelling. They are doing this by merging with the Omnichannel Acquisition Corp SPAC. opens in new window, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents January 26, 2022 InsurTech Kin Insurance and blank-check company Omnichannel Acquisition Corp have mutually agreed to terminate their previously announced special purpose acquisition company (SPAC) merger deal agreement, the companies jointly announced on Wednesday. Spac-On: Kin Insurance Files to Go Public July 2021. he combined entity will be called Kin Insurance and will be valued at an estimated, The deal includes an $80 million PIPE commitment led by HSCM Bermuda and Senator Investment Group, with participation from Gillson Capital, Park West Asset Management and other institutional investors, according to a, The home insurance industry has been coasting for years on legacy technology and an antiquated way of interacting with customers. opens in new window, Kin Insurance grows total written premium by 287% year-over-year in second quarter 2021 This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Most recently he was Practice Lead for Innovation, Fintech, and Strategic Insights at EY. opens in new window, Business Insider: These are the biggest fintech winners of 2019 Data is a real-time snapshot *Data is delayed at least 15 minutes. opens in new window, Forbes: The smartest thing a leader can do? Omnichannel Acquisition Corp. (NYSE:OCA) and direct-to-consumer homeowners insurance technology company Kin Insurance announced this afternoon that they have opted to mutually terminate their business combination agreement. opens in new window, Kin enhances reinsurance program, safeguarding customers who are most vulnerable to climate-related risks The company currently operates in Florida, California and Louisiana areas that are highly prone to disastrous weather conditions that are worsening with climate change. / Kin's technology-first approach enables customers to insure homes online within minutes. Omnichannel Acquisition Corp. (NYSE: OCA) is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Boards of Directors of each of Omnichannel and Kin approved the transaction. Citigroup Global Markets Inc. is acting as capital markets advisor to Omnichannel, and Winston & Strawn LLP is acting as its legal counsel. With the sole mission of bringing the home insurance process into the modern age, Kin Insurance is taking the next step in its growth journey. Kin Highlights Leading direct-to-consumer home insurance technology company that is expected to more than triple written premiums in 2021 and achieve over $400 million of total written premiums by end of 2023, corresponding to a 5-year CAGR of 139%, and to more than quadruple gross profit in 2021 compared to 2020 opens in new window, Kin Interinsurance Nexus earns Financial Stability Rating of A, Exceptional, from Demotech As a result, Kin has an opportunity to reinvent and lead the massive homeowners insurance marketplace. Please try again later. The agreement values Kin Insurance at roughly $1.03 billion. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acted as joint placement agents to Omnichannel on the PIPE transaction, and Mayer Brown LLP is acting as legal counsel to the placement agents. The proxy statement/prospectus will be sent to all Omnichannel stockholders, and Omnichannel will also file other documents regarding the proposed Business Combination with the SEC. opens in new window, Kin Insurance completes acquisition of carrier with licenses in 43 states opens in new window, Crain's Chicago Business: Insurance startup raises $47 million In the midst of this, the company itself has recorded significant growth of its own. opens in new window, Crains Chicago Business: Insurance startup Kin raises $13 million Direct-to-consumer home insurance technology company Kin Insurance is going public through a reverse merger with Omnichannel Acquisition Corp., the company announced Monday. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. Investors and security holders will be able to obtain free copies of the registration statement, proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Omnichannel through the website maintained by the SEC at www.sec.gov. opens in new window, Insurtech startup Kin Insurance raises $47M to launch carrier in Florida opens in new window, Business Insider: Insurtech disruptors report Kin Insurance calls off SPAC IPO . Kin is the only pure-play direct-to-consumer digital insurer focused on the complex and growing $100+ billion homeowners insurance market. Insurance technology (InsurTech) company Kin is merging with the special purpose acquisition company (SPAC) Omnichannel Acquisition Corp. to go public on the NYSE under the ticker symbol KI. The combined entity will be called Kin Insurance and will be valued at an estimated $1.03 billion. opens in new window, Inside P&C: Kin proved its model works through its high customer retention: CEO Harper Kin appeals to customers of all ages, with an average customer age of 57, unusual for direct to consumer brands, which typically service younger customers. Kin Insurance exceeds 2021 goal for total managed premium, achieves 320% year-over-year growth Thu Jan 20 2022 Kin Insurance completes acquisition of carrier with licenses in 43 states Wed Dec 15 2021 Kin Insurance surges to $11.3 million in total managed premium in November, increasing 327% year-to-date Thu Dec 9 2021 The supply of SPAC and investor money exceeds the available supply of Insurtechs. opens in new window, Forbes: How to adapt when your industry is facing disruption The transaction is expected to close in the fourth quarter of 2021. opens in new window, Kin Insurance announces Series C funding with investment by professional golfer Rory McIlroy and others Forbes: In the era of customer experience, chatbots dont always pay, Crain's Chicago Business: Insurance startup raises $47 million, VentureBeat: Kin raises $47 million and launches homeowner insurance carrier in disaster-prone areas, Inc: Could you, should you, would you: Questions for hiring corporate misfits, Forbes: In hyper-growth mode? Required fields are marked *. This provides Kin with a wealth of future cross-sell opportunities for existing and new customers with respect to potential additional home-related and insurance products. opens in new window, Kin Insurance bolsters leadership team amid rapid growth In fact, most of you have hundreds of years of history building solid profitable relationships. opens in new window, Alpha Street: Kin insurances strategy is focused on growing in catastrophe-exposed states Please visit Kins investor relations website investor.kin.com to access the webcast. The agreement values Kin Insurance at roughly $1.03 billion. Moreover, the math barely adds up when you look at a 38% loss ratio, a 28% reinsurance premium, and a 32% commission. opens in new window, Insurance Journal: Kin Insurance launches landlord insurance in Florida market opens in new window, Forbes: Want to build a successful startup? opens in new window, Forbes: 11 strategies for praising employee work (without causing team resentment) 2016-2023 Kin Insurance Technology Hub, LLC. opens in new window, Inside P&C: Kin pulls in $82MN in Series D funding opens in new window, Kin announces $82M first close in Series D financing (Podcast). There are definitely things that a legacy carrier could learn from Kin. opens in new window, Kin Insurance surpasses $70M in gross written premium in second quarter, increasing 204% year-to-date Upon closing of the transaction, the combined company will be named Kin Insurance, Inc. and is expected to be listed on the NYSE under the new ticker symbol KI. Kin offers a D2C platform that helps homeowners purchase insurance within minutes, and offers a more convenient way to complete tasks like making changes to their insurance policies or filing a claim. opens in new window, Washington Post: Why your homeowners insurance probably wasnt renewed As, pproach to everything, consumers relationships with, PYMNTS Heres what I learned, Bankrate: Factors that impact your home insurance rate, Kiplinger: How to protect your home from natural disasters, GoBankingRates: How to buy a house without a realtor, Insurance Journal: Kin Insurance launches landlord insurance in Florida market, Forbes: 11 strategies for praising employee work (without causing team resentment), Built In: 26 insurtech companies making coverage simpler, Forbes: Want to build a superteam? (More to follow). Kin Interinsurance Network, our Florida home insurance carrier, has a principal office in St. Petersburg, Florida, and our NAIC number is 16603. Platforms, Subscription opens in new window, Kin, the only pure-play direct-to-consumer home insurance technology company, to go public Medium opens in new window, Forbes: Four ways to amplify your teams creativity Today, Kin Insurance, an Insurtech with only $25 million in premiums in 2020 and an expected $98 million in 2021, announced its intention to go public today with a valuation of $1 billion. opens in new window, Demotech affirms Kins Financial Stability Rating of A, Exceptional opens in new window, Crain's Chicago Business: Insurer Kin lines up $145 million in credit Omnichannel Acquisition Corp. is led by Matt Higgins, who is CEO at incubator and investment firm RSE Ventures. opens in new window, Kin Insurance expands into California to serve homeowners statewide Kin Insurance, a provider of direct-to-consumer insurance solutions, has carved a niche for itself in the industry by making affordable home insurance accessible to customers. opens in new window, TechCrunch: Can data fix healthcare? opens in new window, Quartz: New study shows why hurricanes stay so strong after making landfall Kin Insurance and Omnichannel Acquisition Corp., a publicly traded special purpose acquisition company, announced that they have mutually agreed to terminate their previously announced agreement and plan of merger as a result of "current unfavorable market conditions." "We worked tirelessly over the better part of a year to bring this combination to . opens in new window, Crunchbase: Exclusive: Kin raises $63.9M in Series C funding for data-driven home insurance Get in touch with us for all press and speaker inquiries. Kin has a 92% customer-retention rate and is expecting to more than triple its written premiums in 2021; and to hit more than $400 million in total written premiums by the end of 2023, Harper said . Kins existing stockholders will be rolling 100% of their equity into the combined company and are expected to own approximately 74% of the combined company immediately following the closing of the business combination, assuming no redemptions by Omnichannels public stockholders. Kins SPAC merger will provide the company with an additional $242 million in fresh capital. Kins success has been primarily in markets where carriers were less interested in writing policies like FL, LA, and to a lesser extent CA. Press Release: Investors Presentation: Coming Soon Article: Kin Insurance Inc., an insurance-technology startup that counts Press J to jump to the feed. Get comfortable with rejection, Built In: How these 7 Chicago tech companies found their product-market fit, Forbes: Fintech startups: Plan for your customers emotional realities, Built In: Home insurtech startup Kin raises $35M plans to hire 100 people, Crains Chicago Business: Insurance startup Kin raises another $35 million, Forbes: The importance of humans in fintech, Forbes: How to sell value to price-sensitive customers, Forbes: The counterintuitive advantage of a beginners mindset, Built In: The lessons 5 founders learned going from startup to growth company, Forbes: 10 startups leading the way in customer experience, Forbes: How vertical integration prevents existential threats to your business, Business Insider: Insurtech disrupters: Heres what full-stack insurtechs are doing to beat incumbents, American Inno: 12 biggest Chicago startup fundings of 2019, Business Insider: These are the biggest fintech winners of 2019, Business Insider: Insurtech disruptors report. The Omni team is already hard at work helping elevate Kins brand presence, expanding Kins acquisition channels and layering in the most cutting-edge acquisition tactics. We know that the insurance consumer has become very price sensitive. opens in new window, Kin Insurance launches landlord insurance in Florida market . How to get the most from your teams opens in new window, Forbes: How to sell value to price-sensitive customers Conjoined, the company will be valued at roughly $1.03 billion and plans to trade on the NYSE under the ticker symbol KI.. opens in new window, Investopedia: Best hurricane insurance opens in new window, Axios: Kin Insurance gets new funding after spurning its SPAC opens in new window, USA Today: Which tech investments can weather volatile markets best? Forbes: When fintech succeeds: The three Ds, Forbes: How to adapt when your industry is facing disruption, Quartz: New study shows why hurricanes stay so strong after making landfall, Washington Post: Eight tips for buying homeowners insurance, Forbes: Want to build a successful startup? opens in new window, Benzinga: With over 200% YOY gross profit growth, this insurtech company says its not done yet , it is led by co-founders Sean Harper, in fact, to. Insurance market data fix healthcare provides Kin with a wealth of future cross-sell opportunities for and. Get an Airbnb refund for canceled plans values Kin insurance at roughly $ 1.03 billion and Strategic Insights EY! Over 200 % YOY gross profit growth, this Insurtech company says not! Customers to insure homes online within minutes, Cross-Border 2: Kin Interinsurance Network total policies in force at end! Within minutes an additional $ 242 million in fresh capital the call, they claim to use over data! 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